New Delhi, June 25 (Commodities Control): Cotton prices strengthened for the second consecutive trading day in Maharashtra on Tuesday due to continued demand from spinning mills, while daily arrivals of Kapas remained stable in the state's mandis.
According to traders, cotton prices have risen due to continued purchases from the state's spinning mills. However, cotton exports do not seem to be profitable, and the demand for cotton yarn is weaker than normal, which means a significant one-sided rise in current cotton prices is not expected. On Monday, cotton prices rose in the world market, but today they are mixed in electronic trading. Kapas prices rose by Rs 100 in the state, while cottonseed prices remained stable.
According to the state's Agriculture Directorate, the sowing of Kapas has decreased to only 13 lakh hectares in the current Kharif season, compared to 42.22 lakh hectares during the same period last year.
Cotton prices declined in the domestic futures market today. Kapas prices in the April-25 futures contract on NCDEX weakened by Rs 5 to Rs 1,613 per 20 kg.
Today, the arrival of Kapas in the state's producing markets was 10,000 bales, the same number as the previous trading day.
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(By CommoditiesControl Bureau: +91-9820130172)
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